Facc final exam - Study guides, Class notes & Summaries

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FACC FINAL EXAM

FACC final exam |50| questions with complete solutions capitalize -Correct Answer-record an expenditure as an asset capital expenditures -Correct Answer-spending to purchase long lived tangible assets How to compute straight line depreciation (per 1 year) -Correct Answer-depreciation expense = (cost - residual value) X 1/useful life land is not depreciated record year 2 depreciation -Correct Answer-debit: depreciation expense credit: accumulated depreciation income statement f...

FACC FINAL EXAM 2024 WITH 100% ACCURATE SOLUTIONS

final exam FACC/52 Questions and Answers

FACC| Latest Study Guide |Final Exam With Verified Answers A+ Graded 2024 Capitalize - correct answer record an expenditure as an asset Capital expenditures - correct answer spending to purchase long lived tangible assets How to compute straight line depreciation (per 1 year) - correct answer depreciation expense = (cost - residual value) x 1/useful life Land is not depreciated Record year 2 depreciation - correct answer debit: depreciation expense Credit: accumulated depreci...

capitalize Ans: record an expenditure as an asset capital expenditures Ans: spending to purchase long lived tangible assets How to compute straight line depreciation (per 1 year) Ans: depreciation expense = (cost - residual value) X 1/useful life land is not depreciated record year 2 depreciation Ans: debit: depreciation expense credit: accumulated depreciation income statement for assets & depreciation expenses Ans: just amortization expense (add depreciations) income statements for...

FINAL EXAM FACC WITH 52 QUESTIONS AND ANSWERS

accrued liabilties - expenses recorded but not yet paid (ex: income tax) accrued payroll - Amount earned by employees but not yet paid to them. This is a liability. book value - cost - accumulated depreciation callable bond - may be called for early retirement at the option of the issuer capital expenditures - spending to purchase long lived tangible assets capitalize - record an expenditure as an asset carrying value - bonds payable plus the premium or less the discount on bonds payable ...

capitalize - ANSWERrecord an expenditure as an asset capital expenditures - ANSWERspending to purchase long lived tangible assets How to compute straight line depreciation (per 1 year) - ANSWERdepreciation expense = (cost - residual value) X 1/useful life land is not depreciated record year 2 depreciation - ANSWERdebit: depreciation expense credit: accumulated depreciation income statement for assets & depreciation expenses - ANSWERjust amortization expense (add depreciations) ...